US DOLLARS

摘要

Deutsche bank rounded off a big week of European bank issuance in the Yankee bond market on Friday with an offering of subordinated Tier 2 and TLAC-eligible 10-year notes. The transaction, which had yet to price as IFR went to press, started out with attractive initial price thoughts of 270bp, which was pulled in to guidance of 260bp on what was heard to be a US$3bn book by mid-morning. The deal followed positive outcomes for a flurry of European banks in the Yankee market last week, with two bumper CoCo Tier 1 offerings - from hsbc and standard chartered-a US$4.25bn offering of 18-month, three and five-year securities from UBS and a US$4bn debut of five-year and 10-year holding company notes from credit suisse (see Top News).